Japanese multinational firm Hitachi intends to acquire the remaining 49.23% stake in Ansaldo STS, an Italian railway transportation services provider.

The stake will be acquired from US-based investment management firm Elliott Management.

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Hitachi currently owns a 50.77% interest in Ansaldo STS.

Wabtec Corporation has signed an agreement to merge its operations with General Electric Company’s business unit GE Transportation.

The $11bn merger has received customary approval from the board of directors of both the firms.

“Skoda acquired a majority stake in Transtech in 2015, while the latest acquisition increases its total stake in Transtech to 100%.”

GE and its shareholders will own 50.1% of the combined firm, while Wabtec stakeholders will retain the remaining 49.9% stake.

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GE will additionally receive $2.9bn in cash, upon completion of the transaction.

GE Transportation and Wabtec employ 9,000 and 18,000 personnel respectively.

Wabtec generated revenues of approximately $3.9bn, while GE Transportation recorded approximately $4.2bn in revenue in 2017.

Finnish rolling stock manufacturer Transtech has sold a 25% stake to Skoda Transportation Group for an undisclosed sum.

Skoda acquired a majority stake in Transtech in 2015, while the latest acquisition increases its total stake in Transtech to 100%.

The transaction was closed during Czech Prime Minister Andrej Babis’s visit to Finland.

Founded in 1985, Transtech manufactures low-floor trams, double-deck carriages, electrical units and vehicle transport carriages.

Transtech is currently involved in the production and delivery of trams to Helsinki City Transport and the City of Tampere, as well as railcars to Finnish Railways.

The acquisition will provide Skoda Transportation new opportunities in Western European markets.